Buckingham Palace denies the Queen avoided bill to stop her wealth from being revealed

Buckingham Palace denies the Queen avoided bill to stop her wealth from being revealed

The British Monarch could have stopped signing a law to keep her fortune private from the public

Buckingham Palace is now deniying that Queen Elizabeth  tried to influence legislation that would have revealed sources of her vast wealth more than 50 years ago.

The Guardian revealed that there were a series of conversations between the Queen's lawyer Matthew Farrer and senior civil servants before the law was changed. The Trade and Industry department in then-Prime Minister Ted Heath's government was drafting a bill that aimed to "prevent investors from secretly building up significant stakes in listed companies by acquiring their shares through front companies or nominees," the newspaper explained.

The law, which supposedully emerged in 1973, was not blocked by the Queen according to a spokesman of Buckingham Palace, which through a public statement said the following:

"Queen's Consent is a parliamentary process, with the role of sovereign purely formal. Consent is always granted by the monarch where requested by Government. Any assertion that the sovereign has blocked legislation is simply incorrect."

In the statement the Palace also said that in fact any consents concerning the Queen are always allowed by the Parliament and this fact confirms that any decisions she would make are always public, adding:

"Whether Queen's Consent is required is decided by Parliament, independently from the Royal Household, in matters that would affect Crown interests, If Consent is required, draft legislation is, by convention, put to the sovereign to grant solely on advice of ministers and as a matter of public record."

The respected Sunday Times Rich List for 2020 valued her wealth at $480 million — down $27.5 million due to the stock market falling over that year.  

Related Articles

More News

More News